Joe Mansueto Quotes

In school, you get a limited view of the world. Start working. Find your passion. Take your time doing that. Once you’ve found what you’re passionate about, then lock down. Even if you want to start a business, it’s helpful to work, see how other businesses are run.
Joe Mansueto

[In January 2011 on him having a salary of $100,000 like Warren Buffett different to Larry Ellison.] I’m not sure why Larry Ellison chooses to pay himself a lot when he’s got large holdings. I’m trying to set a good example. I don’t need to take a high salary, which would impede the success of Morningstar.
Joe Mansueto

[On having a salary of $100,000.] I’m trying to set a good example.
Joe Mansueto

[In January 2011 on his wife Rika and himself giving $25 million for the University of Chicago’s new library.] We both had a great experience there. [As students.]
Joe Mansueto

[On Warren Buffett calling him with regards to a charity pledge.] He did call during the summer. He was so upbeat. He gave me his 800 number to call when I’m ready to sign on. I’m sure the bulk of my net worth will go to society. Rika and I created a foundation last year. We’re novices. I have great admiration for people who do this well.
Joe Mansueto

[On him working more normal hours at Morningstar and spending time with his three kids.] I’d like to believe I work smarter now.
Joe Mansueto

[In January 2011 on his Morningstar shares.] I sold 4 percent of my stake per year for four years. Then I stopped. I wanted to diversify.
Joe Mansueto

[In January 2011 on a Mutual Fund guy having all his money in one share.] There’s some irony there.
Joe Mansueto

[On financial advice in January 2011.] To use Jack Bogle’s line: Stay the course. If you sold at the bottom and tried to get back in, you had a permanent loss. Don’t take a flyer. Build capital over time. I set up an IRA in the early eighties. It was $8,000 to $10,000; today it’s over $1 million.
Joe Mansueto

[On his IRA having an average return of 16.6 percent over 30 years.] A few companies got taken over. I was a little lucky.
Joe Mansueto

Apply a private company mentality to public company investing.
Joe Mansueto

Private company owners rarely buy or sell equity and, when they do, they know the value of their equity. A similar approach works well with public company investing…
Joe Mansueto

Private company owners think about the worth of their shares at most once or twice a year. You’ll do better with your public company investing if you adopt a similar mindset and don’t obsess with daily fluctuations in value.
Joe Mansueto

Only invest in things you understand and feel strongly about.
Joe Mansueto

If you don’t have conviction when you buy it, there’s a greater likelihood you’ll sell it at the first sign of bad news.
Joe Mansueto

Most real wealth is built from owning excellent companies for long periods of time. Frequent trading leads to frequent tax bills and frequent transactions costs, both of which can reduce long-term returns significantly.
Joe Mansueto

Give the exponential effects of compounding time to work for you.
Joe Mansueto

Creating trust is essential for anyone who offers advice about wealth management. In an age where everyone seems to be selling something, how do you know who will really put your interests first?
Joe Mansueto